Hampton & Everett, P.C., Certified Public Accountants

08/16/2021

We are now offering up to a $10K signing bonus for a qualified hire.
https://careercenter.vscpa.com/job/tax-manager/57694851/

07/15/2021

https://www.cbsnews.com/news/child-tax-credit-2021-payments-july-15-2021-07-15/

IRS sending payments of up to $300 per child as part of the government's efforts to "supersize" stimulus aid.

04/25/2021

https://www.cbsnews.com/news/irs-tax-refund-delay-returns-manual-processing/

People usually get their refunds within three weeks, but this year is proving complicated for many tax filers.

11/12/2020

Never too early to plan!

Biden’s win brings some clarity, but the uncertain state of the Senate leaves questions.

10/12/2020

We're excited to be settling into our new office, at 944 Glenwood Station Lane SUITE 101!

03/25/2020

Coronavirus Payroll Tax Credits for Employers who provide paid sick, family, or medical leave:

The coronavirus relief bill signed by the President, on March 18, 2020, provides several payroll tax credits for employers who provide paid sick leave or family or medical leave for their employees who miss work for various coronavirus-related reasons. In general, the employer will be allowed a payroll tax credit for 100% of the wages paid to the employee who qualifies. There are limitations and record keeping requirements. Please contact us directly via email or telephone for more detailed analysis if this applies to you.

03/25/2020

2019 IRA & HSA Contribution Deadline Extended

The IRS has given some further guidelines on a number of issues that affect 2019, including contributions to IRAs and HSAs.

Those deadlines have been extended to the date your returns is filed, OR July 15, 2020, whichever date comes first.

Please see the list of 24 FAQ published by the IRS, https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers.

In Notice 2020-18 (PDF), the Treasury Department and the Internal Revenue Service (IRS) announced special Federal income tax return filing and payment relief in response to the ongoing Coronavirus Disease 2019 (COVID-19) emergency. Below are answers to frequently asked questions related to the relie...

03/25/2020

2019 VIRGINIA Filing Deadline Update
March 25, 2020 11:00 am

As I am sure most of you have heard, the US Treasury changed the Federal filing, AND payment date, for 2019 income tax returns to July 15, 2020. That would seem to give some breathing room, but the Commonwealth of Virginia is saying, “Not so fast!”. There are several factors at play, which complicate the filing deadlines:

Virginia extended its date to pay 2019 tax due to June 1st from May 1st, but did not change the filing date.

Virginia does not require an extension if there is no balance due, but if there is a balance due your return is due by June 1st.

Virtually all state income tax returns either start with Federal AGI or taxable income so the deadline is really June 1st for Virginians to get their 2019 Federal and Virginia income tax returns filed.

If you have a balance due to Virginia, you must file and pay by June 1st, to avoid late penalties, and Virginia’s penalties are more severe than the IRS.

As a result, what appears to be a 90 extension is really a 45 day extension because of the Virginia filing deadline.

We are proceeding as usual and would like everyone to help us in that regard by getting us your information ASAP.

Please go to www.hamptonandeverett.com for more updates.

Hampton & Everett, P.C. (H&E) is a team of dedicated and highly acclaimed CPAs located in Charlottesville, VA.

03/19/2020

IRS Filing Deadline Clarified

There is a TON of incorrect information in the press about how the IRS will be handling the filing deadline for 2019 income tax returns. The IRS finally clarified when they issued IRS Notice 2020-17 late Wednesday, March 18th.

https://content.govdelivery.com/accounts/USIRS/bulletins/281ebf9?reqfrom=share

First and foremost, the deadline to FILE your return has NOT been extended. The deadline continues to be April 15, 2020. As you have been able to do in the past, you have the right to request an automatic 6 month extension of time to file your 2019 income tax return, but it MUST be done by you or your tax preparer.

What the IRS has granted is additional time to PAY (without being subject to interest and penalties) your tax balance due on your return from April 15, 2020 to July 15, 2020. For example, if you file your return by April 15, 2020 with a balance due of $1,500 that amount does not need to be paid until July 15, 2020.

This grace period for payments also applies to extended returns. A common misconception is that extensions also extend the time to pay your tax due, but the recent notice from the IRS has stated that if you project a balance due on your 2019 extension filed by April 15, 2020, you do not have to pay that amount until July 15, 2020.

The notice has also delayed the 1st quarter 2020 estimated tax payment originally due April 15, 2020. This 1st quarter estimated tax payment can also be deferred (penalty free) until July 15, 2020. Absent new legislation, all subsequent 2020 quarterly estimated tax payments will be due on the normal due dates of June 15 and September 15 of 2020 and January 15, 2021.

Eligible IRA Contributions will still need to be made by April 15, 2020 to be deductible on your 2019 income tax returns.

Virginia and all other states except Maryland and California have not changed their filing deadline so Virginia is still May 1, 2020. However, states typically pass rules adapting to the federal changes soon after a federal change. We will let you know if/when Virginia changes their filing deadline.

So as you can see, not much has really changed.

We encourage all clients to proceed as usual to file their 2019 income tax returns and there will be a small benefit if you have a balance due. Returns with an overpayment will really not be affected by this notice, but getting your refund back soon may be helpful to your cash flow.

All the other procedures that we put in place to protect clients, H&E staff, their families and the population in general since the COVID-19 outbreak are still in place and we appreciate that everyone so far has respected those procedures.

Thanks again for your understanding in these extraordinary times.

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